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Shanghai property market remains sluggish despite sales increase
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SHANGHAI'S new home market continued on a weak trajectory last week despite a rebound in sales of mid- to low-end projects.
The purchases of new residential properties, excluding government-subsidized affordable housing, rose 20.6 percent from the previous seven-day period to 150,800 square meters, Shanghai Uwin Real Estate Information Services said in a report released today.
The average price for the new homes was 25,860 yuan (US$4,171) per square meter, a week-on-week decline of 3.4 percent.
"Extremely slack momentum continued to prevail in the local housing market for the third straight week, leading more potential buyers to sit on the sidelines before clearer signals could be seen," said Huang Zhijian, chief analyst at Uwin. "There won't be any major turnaround if developers don't offer notable price cuts or release more mid- to low-end apartments to the market."
As of Sunday, new home sales in Shanghai totaled 315,000 square meters this month for a daily average of 17,500 square meters, according to Uwin data. That compared to 761,300 square meters in April.
On the supply side, however, the volume of new homes released to the local market more than tripled from the previous week to 236,700 square meters, Uwin data showed.
Citywide, a residential project in Anting, Jiading District, sold 164 units last week at an average price of 15,129 yuan per square meter.
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